The four-time Olympic champion will run in next year’s London Marathon, having given up the track last year to focus on the road.
Farah hinted previously he would consider a comeback, although his main focus until April remains the marathon.
But the 35-year-old, who defended his 5,000 and 10,000 metres titles at the Rio Olympics two years ago, has dropped the biggest hint yet he would be ready to race on the track in Tokyo.
“Yes, there is a chance. There is always a chance if everything is going well,” he said. “Would I turn down a medal, in terms of saying, ‘Am I capable of winning that race or could I get a medal?’ Or would I say, ‘I’ve done that’, and turn your nose up at it? I would never do that. You do it any way you can get a medal. Our career is so short.
“You wouldn’t turn anything down. I want to collect as many medals as I can and do it for my country.”
Farah has previously confirmed he was mulling over a return to the track at next year’s World Championships in Doha and said it was still a possibility. “It’s possible to do the 10,000m. I was honest and said I was done with the track, but I look at my team-mates and who I was competing against and part of me missed it.
“I feel like I can still win medals and do as well as I have over the years. If there was a chance to compete, I wouldn’t turn down a medal.”
Farah won the Chicago Marathon in October, having finished third in London last year, and confirmed he would return to his home race in 2019 as holder Eliud Kipchoge remains locked in talks.